SimplyCash™ Preferred Card from American Express vs American Express® Aeroplan®* Card: Which one is better?
SimplyCash™ Preferred Card from American Express
4.5
RECOMMENDED CREDIT SCORE*
American Express® Aeroplan®* Card
3.3
RECOMMENDED CREDIT SCORE*
Rewards Breakdown
Annual Rewards
$513.59
Welcome Bonus
$400
Annual Fee
$119.88
First Year Value
$793.71
$393.71 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$506.17
Air Canada Aeroplan
Welcome Bonus
$630
Air Canada Aeroplan
Annual Fee
$120
First Year Value
$1,016.17
$386.17 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Flight Delay
$500
Baggage Delay
$500
Hotel Burglary Insurance
$500
Travel Accident
$100,000.svg)
Car Rental Damage & Theft
$85K up to 48 days
Purchase Protection
90 days
Extended Warranty
1 year
Emergency Out of province Medical
$5M/insured Person
Lost or Stolen Baggage
$500
Mobile Device Insurance
$1000
Insurance Included*
Flight Delay
$500Baggage Delay
$500Hotel Burglary Insurance
$500Travel Accident
$100,000Car Rental Damage & Theft
$85K up to 48 daysPurchase Protection
90 daysExtended Warranty
1 year
Extra Benefits*
American Express Experiences
Extra Benefits*
American Express Experiences
Free first checked bag
You and up to 8 companions every time you fly with Air Canada.svg)
Status lift
Reach Aeroplan Elite™ Status sooner by earning Status Qualifying Miles and Status Qualifying Segments with purchases made on your account
Free Extra Night at Hotels
Receive an extra night free for every 3 hotel nights redeemed with Aeroplan points
Extra points
Earn points twice at over 150 Aeroplan partner brands
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
30% Annual2
Cash Advance:
30% Annual2
Annual Fee*
$119.88
Annual Fee*
$120
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus*
You can earn a $40 statement credit for each monthly billing period in which you spend $750 on purchases with your card during the first 10 months.
Welcome Bonus*
Earn 30,000 Aeroplan points after spending $3,000 on your Card within the first 3 months. Additional 20,000 Aeroplan points when you spend $1,000 in month 13.
Rewards Rate*
- 4% cash back on gas
- 4% cash back on groceries (maximum $1,200 annually)
- 2% cash back on all other credit card purchases
Rewards Rate*
- 2 points on Aircanada and AirCanada Vacations
- 1.5 points on Dining
- 1 Point on everything else
Loyalty Program*
N/A
Loyalty Program*
Point Redemption Options*
Not Applicable
Point Redemption Options*
Most Optimal
Transfer to Airline Partners
2.1¢ / pointTravel
0.825¢ / point
Gift Cards
0.74¢ / point
Is this card worth it?
The Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.
Is this card worth it?
This card comes with the free checked bag benefit, which can save hundreds on a single trip for you and your family, more than making up for the annual fee of the card. In addition, the card helps you reach the next Aeroplan Status faster with spending on the card. However, if you don't have a specific use for these two benefits, there are many better cards in terms of benefits and rewards.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
Pros
- Free checked bag benefit: Every checked bag might cost you $60 - $100 per person on a round trip. The amount you can save in a year if you travel a few times or travel with a few companions can easily be much higher than the annual fee of the card.If you are interested in a higher Aeroplan Status, the card helps you get there faster.
Cons
- For a card with an annual fee, the insurance coverage could have been higher
- American Express has a lower merchant acceptance compared to Visa or Mastercard
Cons
- The main reward category is only for Air Canada purchases. Unless you are a frequent Air Canada traveler, this reward category is not useful to most people.
- The only other rewards category offered is for food, and it doesn't offer that high of a reward rate either.
- In terms of insurance benefits, the types and coverage amounts provided are lower compared to other cards with a similar annual fee.
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